From CBS MarketWatch
Peregrine's (PRGN) shares fell 21 1/4, or 37 percent, to 36 1/4. Harbinger (HRBC) is up 2 7/16, or 10 percent, to 26 9/16. Asset management software maker Peregrine Systems said late Wednesday that it would buy the business-to-business enabler for $2.1 billion in stock. As part of the agreement, each share of Harbinger will be exchanged for 0.75 shares of
Peregrine, the companies said. At that price, Harbinger's stock is valued at $30.56 per share. There are no collars on the deal. "For our shareholders, it's going to create an organization that's going to be one of the true leaders in
e-business solutions," Steve Gardner, Peregrine's chief executive, said in a CBS.MarketWatch.com interview.
This was a couple days ago but I think it points out that the "price" paid for HRBC will essentially be .75 shares of PRGN. |
